Answer the thematic question of the module: How does the economy change over time? Use the tools of the AD/AS model to explain key relationships between real GDP, unemployment, and the price level (inflation rate) as discussed in this module. Does it matter if our timeframe for analysis is the short-run or the long-run? Explain.

Answer rating: 100% (QA)

The economy undergoes continuous changes over time influenced by various factors such as technological advancements shifts in consumer preferences gov... View the full answer